The latest research study by IMARC Group, “Cancer/Tumor Profiling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global cancer/tumor profiling market trends. The global cancer/tumor profiling market reached a value of US$ 9.38 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 18.22 Billion by 2027 exhibiting a CAGR of 11.20% during 2022-2027.
Cancer/Tumor Profiling Industry Outlook:
Cancer/tumor profiling, or biomarker testing, is a laboratory test for identifying specific proteins, genes or gene mutations, and other biomarkers in a tumor tissue sample. It helps oncologists determine whether the pathways of an individual’s tumor match up with the available targeted therapies. It also assists in routine diagnostics, therapeutic decision-making, and creating personalized treatment plans and therapies for patients according to the severity of their ailment and genomic build-up. As a result, cancer/tumor profiling finds extensive applications in research, biomarker discovery, developing screening and diagnostic techniques, and personalized medicine.
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The global cancer/tumor profiling market is primarily driven by the rising prevalence of cancer. Additionally, there has been widespread product adoption in the oncology research and discovery of biomarkers during the drug design, discovery and development process. In line with this, the rising government funding and support for developing innovative techniques to decrease the time taken for tumor detection and identification is another major growth-inducing factor.
Furthermore, extensive investments in research and development (R&D) activities by pharmaceutical and biotechnology companies to introduce novel therapies and new drug designing techniques have catalyzed market growth.
Other factors, including the increasing clinical trials, growing adoption of immunoassay techniques, escalating demand for personalized medicine, the recent innovations in molecular biology techniques, including next-generation sequencing, and improving healthcare infrastructure, are also anticipated to drive the market further.
|Cancer/Tumor Profiling Market Report Scope|
|Market size value in 2021||US$ 9.38 Billion|
|Market forecast in 2027||US$ 18.22 Billion|
|Growth Rate||CAGR of 11.20% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Cancer Type:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Melanoma Cancer
Breakup by Technology:
- Next-Generation Sequencing (NGS)
- Polymerase Chain Reaction (PCR)
- Immunohistochemistry (IHC)
- In-Situ Hybridization (ISH)
Breakup by Technique:
Breakup by Application:
- Personalized Medicine
- Biomarker Discovery
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Abbott Laboratories, Becton Dickinson and Company, Caris Life Sciences, Exact Sciences Corporation, F. Hoffmann-La Roche Ltd, Hologic Inc., HTG Molecular Diagnostics Inc., Illumina Inc., Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Qiagen N.V., Siemens AG and Sysmex Corporation.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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